FW: Landstar joins rising tide and raises guidance

FREIGHTWAVES reports:

The improved outlook for trucking continues with a guidance raise from Jacksonville, Florida-based freight broker Landstar System Inc. (NASDAQ: LSTR).

In a filing with the U.S. Securities and Exchange Commission, the company announced it was increasing its previously issued third-quarter earnings per share (EPS) guidance to a range of $1.40 to $1.46, well above the company’s prior guidance of $1.11 to $1.17 and the current consensus estimate of $1.14.

The company now expects loads hauled by truck and truck revenue per load to be higher year-over-year by a low single-digit percentage during the quarter. In its second-quarter report on July 22, Landstar’s expectations called for loads and revenue per load to be down in the mid-single-digit range year-over-year.

In a virtual appearance at Cowen’s 13th annual Global Transportation & Sustainable Mobility Conference on Thursday, Landstar President and CEO Jim Gattoni reported that August gross profit was the second highest ever for the company. The year over-year increases in load counts and revenue per load in August have continued into September with August load counts only slightly lower than those in August 2018. Gattoni said rates are getting closer to 2018 but still aren’t there yet.

To read the full post, please click here.

More here.